Property performs best when viewed through the same lens as any other capital decision. The question is not whether an asset is attractive, but whether it earns its allocation relative to alternatives.

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At Aterra, we evaluate property by opportunity cost. Every allocation competes with liquidity, yield instruments, operating businesses, and time. If an asset cannot articulate its role — income, preservation, or growth — it becomes a liability disguised as ownership.

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This shift removes lifestyle bias and forces clarity. A well-structured property does not rely on appreciation alone. It carries defensive characteristics, defined holding logic, and a clear exit profile.

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Capital allocation discipline is not about avoiding risk. It is about choosing which risks are worth taking — and which are not.